It is wrong to assume that only married couples with children and a significant amount of assets should worry about creating an estate plan. Any single adult who has assets in his or her name needs to ensure an estate plan is in place, and the plan needs to reflect the individual needs and wishes of that single person. While the basics may mirror the needs of any married couple in Michigan, there are unique needs a single person needs to reflect upon when creating that estate plan.
For a married couple, one party may select his or her spouse as a durable power of attorney. This kind of power of attorney is essential so day to day affairs, such as finances and bills, can be handled without fail while someone is incapacitated or unable handle such matters. For the single person, this responsibility may need to be designated to a trusted friend who can, and is, willing to make those difficult decisions, possibly under duress.